HCL Tech hits 52-week high post Q1 results

Q1 net profit up 3.6% at Rs 885 on quarter-on-quarter basis, against analysts expectations of Rs 785 crore.

HCL Technologies is trading higher by 3% at Rs 599 after reporting a better-than-expected 3.6% quarter-on-quarter (qoq) growth in net profit at Rs 885 crore for the first quarter ended September 2012. Analysts on an average expected profit of Rs 785 crore. Revenues grew by 2.9% at Rs 6,091 on q-o-q basis.

EBITDA (earnings before interest, taxes, depreciation, and amortization) margin increased marginally to 22.2% from 22% on sequentially, while improved substantially by over 500 bps from 17.1% on year-on-year (yoy) basis.

“78% YoY EBIT growth and a 500 bps margin expansion including wage hikes this quarter is a result of our  focus  on  operations  and  delivery  excellence”,  said  Anant  Gupta,  President  &  COO,  HCL Technologies

 

Meanwhile, the board of directors has declared an interim dividend of 100% or Rs 2/- per equity share of face value of Rs 2/- each of the company.

The stock opened at Rs 599 and hit a 52-week high of Rs 607 on the NSE. A combined 703,878 shares have changed hands on the counter in opening deals on both the exchanges.